FRIEDBERG, Germany--(BUSINESS WIRE)--voxeljet AG (NYSE: VJET) (the “Company”, or “voxeljet”), a leading
provider of high-speed, large-format 3D printers and on-demand parts
services to industrial and commercial customers, today announced
consolidated financial results for the fourth quarter and full year
ended December 31, 2017.
Highlights
-
Total revenues for the full year increased 3.8% to kEUR 23,178 from
kEUR 22,338
-
Total revenues for the fourth quarter decreased 2.7% to kEUR 6,108
from kEUR 6,275
-
Systems revenues for the fourth quarter decreased 20.0% to kEUR 3,146
from kEUR 3,934
-
Services revenues for the fourth quarter increased 26.5% to kEUR 2,962
from kEUR 2,341
-
Total gross profit and gross profit margin for the fourth quarter
increased to kEUR 2,446 from kEUR 1,254 and to 40% from 20%,
respectively
-
First quarter ended March 31, 2018 revenue expected to be between
kEUR 4,500 and kEUR 5,500
-
Reaffirm full year 2018 guidance
Dr. Ingo Ederer, Chief Executive Officer of voxeljet,
commented: “Our vision is clear: we want to replace conventional
production by constantly pushing technological boundaries. We want to
bring our 3D printing technology into fully automated mass
manufacturing. Throughout 2017, we have made significant progress in
this regard and I am incredibly enthusiastic about the solutions in our
lineup. In 2018, we will continue the execution of our strategy, so you
can reasonably expect more innovations and more partnerships with a
strong focus on bringing these innovations to their full potential.”
Fourth Quarter 2017 Results
Revenues for the fourth quarter of 2017 decreased by 2.7% to kEUR 6,108
compared to kEUR 6,275 in the fourth quarter of 2016.
Revenues from our Systems segment, which focuses on the development,
production and sale of 3D printers, decreased 20.0% to kEUR 3,146 in the
fourth quarter of 2017 from kEUR 3,934 in last year’s fourth quarter.
The Company delivered one new and three used and refurbished 3D
printer in the fourth quarter of 2017, compared to six new 3D printers
delivered in last year’s fourth quarter. The decrease in revenue was
mainly due to the lower number of printer sales. Systems revenues also
include all revenues from consumables, spare parts and maintenance.
Systems revenues represented 51.5% of total revenues in the fourth
quarter of 2017 compared to 62.7% in last year’s fourth quarter.
Revenues from our Services segment, which focuses on the printing of
on-demand parts for our customers, increased 26.5%, to kEUR 2,962 in the
fourth quarter of 2017 from kEUR 2,341 in the comparative period of
2016. This was mainly due to higher revenue contribution from our
subsidiaries, voxeljet America Inc. (“voxeljet America”) and voxeljet
China Co. Ltd (“voxeljet China”), which was established during the
second quarter of 2016. The increase in revenue at our American and
Chinese service centers resulted from a growing market penetration in
the respective sales regions which is accompanied by a bigger customer
base. In addition, revenue contribution from our German service center
significantly increased. Revenue from our subsidiary voxeljet UK Ltd.
(“voxeljet UK”) almost remained on the same level compared to the last
year’s same period.
Cost of sales was kEUR 3,662 for the fourth quarter of 2017 compared to
kEUR 5,021 for the fourth quarter of 2016.
Gross profit was kEUR 2,446 in the fourth quarter of 2017 compared to
kEUR 1,254 in the fourth quarter of 2016.
Gross profit for our Systems segment increased to kEUR 1,059 in the
fourth quarter of 2017 from kEUR 379 in the fourth quarter of 2016. The
gross profit margin for this segment increased to 33.7% in the fourth
quarter of 2017 compared to 9.6% in the fourth quarter of 2016. The
improvement mainly relates to the reserve for slow-moving inventory
which was established in the fourth quarter of 2016 amounting to
kEUR 954, recognized in cost of sales. Due to the reduction of work in
progress resulting from the adjustment of production according to the
market demand, the reserve has partially been reversed within the
business year 2017 impacting the fourth quarter of 2017 by an amount of
kEUR 191.
Gross profit for our Services segment increased to kEUR 1,387 in the
fourth quarter of 2017 from kEUR 875 in the fourth quarter of 2016. This
was mainly due to the increase in revenues. The gross profit margin for
this segment increased to 46.8% in the fourth quarter of 2017 from 37.4%
in the fourth quarter of 2016. The gross profit and gross profit margin
contribution from voxeljet China significantly improved. The German
service center contributed higher gross profit while gross profit margin
remained approximately on the same level. Gross profit contribution from
voxeljet America as well as voxeljet UK remained almost unchanged.
Selling expenses were kEUR 2,074 for the fourth quarter of 2017 compared
to kEUR 1,638 in the fourth quarter of 2016. The increase of kEUR 436
was mainly related to increased personnel expenses related to higher
headcount for our sales force.
Administrative expenses were kEUR 1,427 for the fourth quarter of 2017
compared to kEUR 1,200 in the fourth quarter of 2016. The increase was
mainly related to higher consulting fees in connection with the
preparation of several financing activities.
Research and development (“R&D”) expenses decreased to kEUR 1,574 in the
fourth quarter of 2017 from kEUR 1,840 in the fourth quarter of 2016.
The decrease of kEUR 266 was mainly due to lower expenses related to
material and external services for various projects compared to the last
year’s same period. Those expenses are usually driven by individual
projects and might differ on a quarter to quarter comparison.
Other operating expenses in the fourth quarter of 2017 were kEUR 239
compared to kEUR 35 in the prior year period. This was mainly related to
higher losses from foreign currency transactions, which were primarily
driven by the valuation of the intercompany loans granted by the parent
company to our US and UK subsidiary.
Other operating income was kEUR 235 for the fourth quarter of 2017
compared to kEUR 569 in the fourth quarter of 2016. The decrease was
mainly due to lower gains from foreign currency transactions, which were
primarily driven by the valuation of the intercompany loans granted by
the parent company to our US and UK subsidiary.
Operating loss was kEUR 2,633 in the fourth quarter of 2017, compared to
an operating loss of kEUR 2,890 in the comparative period in 2016. The
improvement was mainly due to higher gross margin from both the Systems
and the Services segments. Additionally the research and development
expenses decreased. This was partially offset by increased selling
expenses as well as administrative expenses.
Financial result was a positive of kEUR 253 in the fourth quarter of
2017, compared to a negative financial result of kEUR 71 in the
comparative period in 2016. This was mainly due to finance income from
the revaluation of the embedded derivative related to the Performance
Participation Interest in connection with the first tranche of the loan
received by the European Investment Bank.
Net loss for the fourth quarter of 2017 was kEUR 2,460 or EUR 0.66 per
share, as compared to net loss of kEUR 2,961, or EUR 0.80 per share, in
the fourth quarter of 2016.
Based on a conversion rate of five American Depositary Shares (“ADSs”)
per ordinary share, net loss is EUR 0.13 per ADS for the three months
ended December 31, 2017, compared to EUR 0.16 per ADS from the
comparative period of 2016.
Year Ended December 31, 2017 Results
Revenues for the year ended December 31, 2017 increased by 3.8% to
kEUR 23,178 compared to kEUR 22,338 in the prior year period.
Systems revenues were kEUR 11,534 year ended December 31, 2017 compared
to kEUR 13,081 in last year’s period. The Company sold ten new and five
used and refurbished 3D printers during the year ended December 31, 2017
compared to fifteen new and three used and refurbished 3D printers in
the prior year period. The decrease in Systems revenues was mainly due
to the lower number of 3D printer sales. Systems revenues represented
49.8% of total revenue for the year ended December 31, 2017 compared to
58.6% for the last year’s same period.
Services revenues were kEUR 11,644 for the year ended December 31, 2017
compared to kEUR 9,257 for the same period last year. This increase was
mainly due to a higher revenue contribution from the German operation and our
subsidiaries voxeljet America and voxeljet China, which was established
during the second quarter of 2016. The main driver for the increase is
the German operation, showing growth which was approximately three times
the increase from voxeljet America and voxeljet China. The increase in
revenue at our German service center is due to the robust economy on the
European market. The revenue growth at our American service center
resulted from a growing market penetration in the respective sales
regions, accompanied by a bigger customer base. This was partially
offset by a lower revenue contribution from voxeljet UK.
Cost of sales for the year ended December 31, 2017 was kEUR 13,824, a
decrease of kEUR 1,611, or 10% compared to cost of sales amounting to
kEUR 15,435 for the same period in 2016.
Gross profit and gross margin for the year ended December 31, 2017 were
kEUR 9,354 and 40.4%, respectively, compared to kEUR 6,903 and 30.9%,
respectively, in the prior year period.
Gross profit for our Systems segment increased to kEUR 3,921 for the
year ended December 31, 2017 from kEUR 3,197 in the same period of 2016.
The gross profit margin for this segment increased to 34.0% compared to
24.4% for the prior period. The improvement within the System segment
was mainly related to the reduction in the reserve for slow-moving
inventory with a positive impact of kEUR 515 in 2017, compared to a
charge to cost of sales in 2016 of kEUR 954. Due to the reduction of
work in progress resulting from the adjustment of production according
to the market demand, the reserve has partially been reversed within the
business year 2017 with an amount of kEUR 515.
Gross profit for our Services segment increased to kEUR 5,433 for the
year ended December 31, 2017 from kEUR 3,706 in the same period of 2016.
The gross profit margin for this segment increased to 46.7% for the year
ended December 31, 2017 from 40.0% for the same period in 2016. In our
Services segment, we received higher gross profit contribution from the
German operation, our subsidiaries voxeljet America, as well as voxeljet
China. Gross profit from voxeljet America improved due to a higher
utilization rate of our service center.
Selling expenses were kEUR 6,474 for the year ended December 31, 2017
compared to kEUR 5,312 in the same period in 2016, a increase of kEUR
1,162, or 21.9%. This was related to higher personnel expenses in
connection with an increase in headcount.
Administrative expenses increased by kEUR 566, or 12.4% to kEUR 5,129
for the year ended December 31, 2017 from kEUR 4,563 in the prior year
period. This increase is mainly due to higher expenses for the
preparation of several financing activities.
Research and development expenses slightly decreased to kEUR 5,528 for
the year ended December 31, 2017 from kEUR 5,683 in the same period in
2016, a decrease of kEUR 155, or 2.7%.
Other operating expenses for the year ended December 31, 2017 were kEUR
1,844 compared to kEUR 3,881 in the prior year period. This improvement
was mainly due to the one-time impairment charges of kEUR 1,423 recorded
in the third quarter of 2016. Foreign currency losses amounted to
kEUR 1,585 for the year ended December 31, 2017, compared to kEUR 2,077
in the same period in 2016.
The losses from foreign currency transactions were primarily driven by
the valuation of the intercompany loans granted by the parent company to
our US and UK subsidiaries.
Other operating income was kEUR 1,001 for the year ended
December 31, 2017 compared to kEUR 1,417 in the prior year period. The
decrease was mainly due to lower gains from foreign currency
transactions of kEUR 135 in 2017 compared to kEUR 645 in 2016.
Net loss for the year ended December 31, 2017 was kEUR 8,525, or EUR
2.29 per share, as compared to net loss of kEUR 11,313, or EUR 3.04 per
share in the prior year period. This is based on a weighted average
number of ordinary shares outstanding of 3.720 million for the year
ended December 31, 2017. Compared to the last year’s same period, the
number of ordinary shares outstanding was unchanged.
Based on a conversion rate of five ADSs per ordinary share, net loss was
EUR 0.46 per ADS for the year ended December 31, 2017 compared to net
loss of EUR 0.61 per ADS in the prior year period.
Business Outlook
Our revenue guidance for the first quarter of 2018 is projected to be in
the range of kEUR 4,500 to kEUR 5,500. We expect to release our
financial results for the first quarter of 2018 after the closing of the
financial markets on Thursday, May 17, 2018 and we will host a
conference call and webcast to review the results for the quarter on
Friday, May 18, 2018 at 8:30 a.m. Eastern Time.
We reaffirm our guidance for the full year ended December 31, 2018.
-
Revenue is expected to be in the range of kEUR 28,000 and kEUR 30,000
-
Gross margin is expected to be above 40%
-
Operating expenses for the full year are expected as follows: SG&A
expenses expected to be in the range of kEUR 11,000 and kEUR 12,000
and R&D expenses expected to be between approximately kEUR 5,000 to
kEUR 6,000. Depreciation and amortization expense is expected to be
between kEUR 3,750 and kEUR 4,000.
-
Adjusted EBITDA is expected to be neutral-to-positive in 2018.
Adjusted EBITDA excludes the impact of foreign exchange valuations.
-
Capital expenditures are projected to be in the range of kEUR 5,500 to
kEUR 6,500, which primarily includes ongoing investments in our global
subsidiaries.
Our total backlog of 3D printer orders at December 31, 2017 was kEUR
2,770, which represents four 3D printers. This compares to a backlog of
kEUR 3,784 representing five 3D printers, at December 31, 2016. As
production and delivery of our printers is generally characterized by
lead times ranging between three to nine months, the conversion rate of
order backlog into revenue is dependent on the equipping process for the
respective 3D printer as well as the timing of customers’ requested
deliveries.
At December 31, 2017, we had cash and cash equivalents of kEUR 7,569 and
held kEUR 14,044 of investments in bond funds, which are included in
current financial assets on our consolidated statements of financial
position.
Webcast and Conference Call Details
The Company will host a conference call and webcast to review the
results for the fourth quarter and full year ended December 31, 2017 on
Friday, March 30, 2018 at 8:30 a.m. Eastern Time. Participants from
voxeljet will include its Chief Executive Officer, Dr. Ingo Ederer, and
its Chief Financial Officer, Rudolf Franz, who will provide a general
business update and respond to investor questions.
Interested parties may access the live audio broadcast by dialing
1-877-705-6003 in the United States/Canada, or 1-201-493-6725 for
international, Conference Title “voxeljet AG Fourth Quarter and Full
Year 2017 Financial Results Conference Call”. Investors are requested to
access the call at least five minutes before the scheduled start time in
order to complete a brief registration. An audio replay will be
available approximately two hours after the completion of the call at
1-844-512-2921 or 1-412-317-6671, Replay Conference ID number 13677245.
The recording will be available for replay through April 6, 2018.
A live webcast of the call will also be available on the investor
relations section of the Company’s website. Please go to the
website https://event.webcasts.com/starthere.jsp?ei=1183989&tp_key=19ed902f66
at least fifteen minutes prior to the start of the call to register,
download and install any necessary audio software. A replay will also be
available as a webcast on the investor relations section of the Company’s
website.
Exchange rate
This press release contains translations of certain U.S. dollar amounts
into euros at specified rates solely for the convenience of readers.
Unless otherwise noted, all translations from U.S. dollars to euros in
this press release were made at a rate of USD 1.1993 to EUR 1.00, the
noon buying rate of the Federal Reserve Bank of New York for the euro on
December 31, 2017.
About voxeljet
voxeljet is a leading provider of high-speed, large-format 3D
printers and on-demand parts services to industrial and commercial
customers. The Company’s 3D printers employ a powder binding,
additive manufacturing technology to produce parts using various
material sets, which consist of particulate materials and proprietary
chemical binding agents. The Company provides its 3D printers and
on-demand parts services to industrial and commercial customers serving
the automotive, aerospace, film and entertainment, art and architecture,
engineering and consumer product end markets. For more information,
visit http://www.voxeljet.de/en/.
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements concerning our
business, operations and financial performance. Any statements that are
not of historical facts may be deemed to be forward-looking statements.
You can identify these forward-looking statements by words such as
‘‘believes,’’ ‘‘estimates,’’ ‘‘anticipates,’’ ‘‘expects,’’ ‘‘plans,’’
‘‘intends,’’ ‘‘may,’’ ‘‘could,’’ ‘‘might,’’ ‘‘will,’’ ‘‘should,’’
‘‘aims,’’ or other similar expressions that convey uncertainty of future
events or outcomes. Forward-looking statements include statements
regarding our intentions, beliefs, assumptions, projections, outlook,
analyses or current expectations concerning, among other things, our
results of operations, financial condition, business outlook, the
industry in which we operate and the trends that may affect the industry
or us. Although we believe that we have a reasonable basis for each
forward-looking statement contained in this press release, we caution
you that forward-looking statements are not guarantees of future
performance. All of our forward-looking statements are subject to known
and unknown risks, uncertainties and other factors that are in some
cases beyond our control and that may cause our actual results to differ
materially from our expectations, including those risks identified under
the caption “Risk Factors” in the Company’s Annual Report on
Form 20-F and in other reports the Company files with the
U.S. Securities and Exchange Commission, as well as the risk that our
revenues may fall short of the guidance we have provided in this press
release. Except as required by law, the Company undertakes
no obligation to publicly update any forward-looking statements for any
reason after the date of this press release whether as a result of new
information, future events or otherwise.
|
voxeljet AG
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
2017
|
|
2016
|
|
|
|
(€ in thousands)
|
Current assets
|
|
|
37,774
|
|
37,506
|
Cash and cash equivalents
|
|
|
7,569
|
|
7,849
|
Financial assets
|
|
|
14,044
|
|
12,579
|
Trade receivables
|
|
|
5,093
|
|
4,133
|
Inventories
|
|
|
9,539
|
|
11,213
|
Income tax receivables
|
|
|
3
|
|
8
|
Other assets
|
|
|
1,526
|
|
1,724
|
|
|
|
|
|
|
Non-current assets
|
|
|
29,257
|
|
24,633
|
Financial assets
|
|
|
357
|
|
211
|
Intangible assets
|
|
|
1,111
|
|
842
|
Property, plant and equipment
|
|
|
27,698
|
|
23,521
|
Investments in joint venture
|
|
|
39
|
|
--
|
Other assets
|
|
|
52
|
|
59
|
|
|
|
|
|
|
Total assets
|
|
|
67,031
|
|
62,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
2017
|
|
2016
|
|
|
|
(€ in thousands)
|
Current liabilities
|
|
|
6,576
|
|
5,517
|
Deferred income
|
|
|
271
|
|
332
|
Trade payables
|
|
|
3,059
|
|
1,765
|
Financial liabilities
|
|
|
1,162
|
|
1,297
|
Other liabilities and provisions
|
|
|
2,084
|
|
2,123
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
16,537
|
|
5,086
|
Deferred income
|
|
|
18
|
|
177
|
Deferred tax liabilities
|
|
|
66
|
|
1
|
Financial liabilities
|
|
|
16,413
|
|
4,817
|
Other liabilities and provisions
|
|
|
40
|
|
91
|
|
|
|
|
|
|
Equity
|
|
|
43,918
|
|
51,536
|
Subscribed capital
|
|
|
3,720
|
|
3,720
|
Capital reserves
|
|
|
76,227
|
|
75,827
|
Accumulated deficit
|
|
|
(37,480)
|
|
(28,971)
|
Accumulated other comprehensive income
|
|
|
1,380
|
|
873
|
Equity attributable to the owners of the company
|
|
|
43,847
|
|
51,449
|
Non-controlling interests
|
|
|
71
|
|
87
|
|
|
|
|
|
|
Total equity and liabilities
|
|
|
67,031
|
|
62,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
voxeljet AG
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31, (unaudited)
|
Year Ended December 31,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
(€ in thousands, except share and share data)
|
Revenues
|
|
|
6,108
|
|
6,275
|
|
23,178
|
|
22,338
|
Cost of sales
|
|
|
(3,662)
|
|
(5,021)
|
|
(13,824)
|
|
(15,435)
|
Gross profit
|
|
|
2,446
|
|
1,254
|
|
9,354
|
|
6,903
|
Selling expenses
|
|
|
(2,074)
|
|
(1,638)
|
|
(6,474)
|
|
(5,312)
|
Administrative expenses
|
|
|
(1,427)
|
|
(1,200)
|
|
(5,129)
|
|
(4,563)
|
Research and development expenses
|
|
|
(1,574)
|
|
(1,840)
|
|
(5,528)
|
|
(5,683)
|
Other operating expenses
|
|
|
(239)
|
|
(35)
|
|
(1,844)
|
|
(3,881)
|
Other operating income
|
|
|
235
|
|
569
|
|
1,001
|
|
1,417
|
Operating loss
|
|
|
(2,633)
|
|
(2,890)
|
|
(8,620)
|
|
(11,119)
|
Finance expense
|
|
|
(100)
|
|
(95)
|
|
(190)
|
|
(230)
|
Finance income
|
|
|
353
|
|
24
|
|
365
|
|
38
|
Financial result
|
|
|
253
|
|
(71)
|
|
175
|
|
(192)
|
Loss before income taxes
|
|
|
(2,380)
|
|
(2,961)
|
|
(8,445)
|
|
(11,311)
|
Income tax expense
|
|
|
(80)
|
|
--
|
|
(80)
|
|
(2)
|
Net loss
|
|
|
(2,460)
|
|
(2,961)
|
|
(8,525)
|
|
(11,313)
|
Other comprehensive income (loss)
|
|
|
108
|
|
(99)
|
|
505
|
|
1,111
|
Total comprehensive loss
|
|
|
(2,352)
|
|
(3,060)
|
|
(8,020)
|
|
(10,202)
|
|
|
|
|
|
|
|
|
|
|
Loss attributable to:
|
|
|
|
|
|
|
|
|
|
Owner of the Company
|
|
|
(2,458)
|
|
(2,955)
|
|
(8,509)
|
|
(11,287)
|
Non-controlling interests
|
|
|
(2)
|
|
(6)
|
|
(16)
|
|
(26)
|
|
|
|
(2,460)
|
|
(2,961)
|
|
(8,525)
|
|
(11,313)
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss attributable to:
|
|
|
|
|
|
|
|
|
|
Owner of the Company
|
|
|
(2,350)
|
|
(3,054)
|
|
(8,004)
|
|
(10,176)
|
Non-controlling interests
|
|
|
(2)
|
|
(6)
|
|
(16)
|
|
(26)
|
|
|
|
(2,352)
|
|
(3,060)
|
|
(8,020)
|
|
(10,202)
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares outstanding
|
|
|
3,720,000
|
|
3,720,000
|
|
3,720,000
|
|
3,720,000
|
Loss per share - basic/ diluted (EUR)
|
|
|
(0.66)
|
|
(0.80)
|
|
(2.29)
|
|
(3.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
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voxeljet AG
CONSOLIDATED STATEMENTS OF CASH FLOWS
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Year Ended December 31,
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2017
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2016
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(€ in thousands)
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Cash Flow from operating activities
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Loss for the period
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(8,525)
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(11,313)
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Depreciation and amortization
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3,163
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2,542
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Foreign currency exchange differences on loans to subsidiaries
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1,056
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1,092
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Impairment losses on goodwill and intangible assets
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--
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1,130
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Equity-settled share-based payment transaction in relation to the
establishment of a subsidiary with non-controlling interest
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--
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256
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Share-based compensation expense
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386
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--
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Impairment losses on trade receivables
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237
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367
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Change in investment in joint venture
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11
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--
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Change in fair value of the Performance Participation Interest
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17
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--
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Change in derivative equity forward
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(352)
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--
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Change in inventory allowance
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(515)
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954
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Proceeds from customer loans
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--
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10
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Deferred income taxes
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79
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--
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Loss on disposal of assets
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15
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46
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Change in working capital
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(2,654)
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(8,422)
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Trade and other receivables, inventories and current assets
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(2,978)
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(6,784)
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Trade payables
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629
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(27)
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Other liabilities and provisions and deferred income
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(310)
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(1,657)
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Income tax payable/receivables
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5
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46
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Total
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(7,082)
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(13,338)
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Cash Flow from investing activities
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Decrease in Restricted Cash
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206
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--
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Proceeds from disposal of property, plant and equipment and
intangible assets
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--
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14
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Payments to acquire property, plant and equipment and intangible
assets
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(3,374)
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(3,700)
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Proceeds from disposal of financial assets
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4,077
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34,979
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Payments to acquire financial assets
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(5,542)
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(15,827)
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Investment in Joint Venture
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(50)
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--
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Total
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(4,683)
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15,466
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Cash Flow from financing activities
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Repayment from bank overdrafts and lines of credit
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(166)
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(159)
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Repayment of sale and leaseback obligation
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(384)
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(535)
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Repayment of finance lease obligation
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(51)
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(36)
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Repayment from long-term debt
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(732)
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(378)
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Proceeds of long-term debt
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12,612
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4,724
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Total
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11,279
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3,616
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Net increase (decrease) in cash and cash equivalents
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(486)
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5,744
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Cash and cash equivalents at beginning of period
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7,849
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2,086
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Changes to cash and equivalents due to foreign exchanges rates
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206
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19
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Cash and cash equivalents at end of period
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7,569
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7,849
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Supplemental Cash Flow Information
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Interest paid
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206
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201
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Interest received
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16
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39
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Income taxes paid
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--
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2
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Property, plant and equipment added under finance lease
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123
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57
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Segment reporting
The following table summarizes segment reporting. The sum of the amounts
of the two segments equals the total for the Group in each of the
periods.
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Quarter Ended December 31, (unaudited)
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Year Ended December 31,
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2017
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2016
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2017
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2016
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(€ in thousands, except gross profit margin)
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Revenues
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Systems
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3,146
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3,934
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11,534
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13,081
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Services
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2,962
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2,341
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11,644
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9,257
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Total revenues
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6,108
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6,275
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23,178
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22,338
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Cost of sales
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Systems
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(2,087)
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(3,555)
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(7,613)
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(9,884)
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Services
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(1,575)
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(1,466)
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(6,211)
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(5,551)
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Total cost of sales
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(3,662)
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(5,021)
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(13,824)
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(15,435)
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Gross profit
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Systems
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1,059
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379
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3,921
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3,197
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Services
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1,387
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875
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5,433
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3,706
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Total gross profit
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2,446
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1,254
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9,354
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6,903
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Gross profit margin (%)
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Systems
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33.7%
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9.6%
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34.0%
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24.4%
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Services
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46.8%
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37.4%
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46.7%
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40.0%
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Total gross profit margin (%)
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40.0%
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20.0%
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40.4%
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30.9%
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Contact:
voxeljet AG
Investors and Media
Johannes Pesch
Director, Investor Relations and Business Development
johannes.pesch@voxeljet.de
Office: +49 821 7483172 - Mobile: +49 176 45398316